Home Equity Line of Credit
|Are you looking for a mortgage? We'd be thrilled to talk about our mortgage offerings! Give us a call today at 507-847-4466. Ready to begin? Apply Online Now.|
A home equity line of credit (HELOC) can be useful when you are needing a lump sum to remodel your home, make a big purchase, or consolidate debt. A HELOC is a kind of revolving credit secured by your home equity. This is an open ended of loan that may be paid down or charged up for the term of the loan, much like a credit card. The interest rate can fluctuate (typically every month).
The lender will specify your credit limit (the maximum you can borrow) with the HELOC. Your credit history, income, debt and other financial circumstances can affect your credit limit. In order to ascertain your house's present market value, you will need an appraisal on your home. Your property's current value, subtracted from your remaining mortgage loan balance helps to set your particular credit limit.